USDCHF Analysis – October 23, 2010

USDCHF formed a cycle bottom at 0.9463 level on daily chart. Further rally is still possible next week and target would be at 1.0000 area. However, the bounce from 0.9463 is more likely consolidation of downtrend from 1.1730, another fall towards 0.9000 is still possible.

For long term analysis, USDCHF is in downtrend, further decline towards 0.8500-0.9000 area is expected next several months.

usdchf daily chart